KUALA LUMPUR (Dec 5): Genting Bhd (KL:GENTING) and Genting Malaysia Bhd (KL:GENM) are likely to be removed from the 30-stock FTSE Bursa Malaysia (FBM) KLCI in the latest review of the benchmark index that will be announced on Thursday, according to sources.

On Wednesday, Genting was at spot 35th while Genting Malaysia was at 38th spots, based on market capitalisation, as their share prices reached their lowest levels since January 2021.

Genting’s share price closed at RM3.62, down three sen or 0.82% from the previous day, trimming its market capitalisation to RM13.94 billion. Similarly, Genting Malaysia fell three sen or 1.4% to RM2.12, resulting in a market valuation of RM12.02 billion. Year-to-date, the share prices of both companies have declined by over 20%.

The latest semi-annual review of the FBM KLCI will be based on companies' market capitalisation data at the close of Nov 25. According to reports, the results of Thursday's review will take effect between Dec 20 and Dec 23

Replacing the two Genting stocks in the index could be Gamuda Bhd (KL:GAMUDA), ranked 17^th, and 99 Speed Mart Retail Holdings Bhd (KL:99SMART), ranked 26th, in market capitalisation on Wednesday.

Gamuda’s share price has climbed over 100% year-to-date, driven by strong performance in the construction sector and optimism surrounding the government's rollout of major infrastructure projects. The stock has also benefitted from multiple announcements of lucrative contracts to build data centres.  On Wednesday, the stock closed at RM9.20, valuing the company at RM25.96 billion.

Meanwhile, 99 Speed Mart, listed just three months ago, saw its share price peak at RM2.49 on Oct 9. On Wednesday, the counter closed at RM2.45, up four sen or 1.66%, valuing the company at RM20.59 billion. Compared to its initial public offering price of RM1.65, the stock has gained 48.5%.

Under FTSE Bursa Malaysia Index Series, a stock shall be removed from the FBM KLCI if its market capitalisation ranking drops to 36th or lower. Conversely, a stock may be added to the index if its ranking rises to 25th or higher during a periodic review.

Sources said Genting may now feature in in the reserve list for potential FBM KLCI components, along with AMMB Holdings Bhd (KL:AMMB), Malaysia Airports Holdings Bhd (KL:AIRPORT), United Plantations Bhd (KL:UTDPLT) and Westports Holdings Bhd (KL:WPRTS).